$500 per month and $6,000 in total . . . plus your time and attention. That’s the cost, or, more accurately, the investment. This is only one side of the equation. To know if this will be a profitable transaction, you’ll need to evaluate the expected return.
Most advisory businesses under 25 employee pay out profits each year and retain a thin capital base. It’s a necessary reality that highly-specialized labor is expensive and must be paid to avoid the disruption (and business risk) of a key employee departing for a competitor.
Therefore, what money can be spent in the business is usually a function of how much comes in. While the need for business coaching is recognized (if not a nagging reality), it often comes down simply to affordability.Traditional one-on-one coaching is expensive, averaging $350 per hour and up to $500 for top-end coaches. (Source: 2013; 8th Annual: The Executive Coach Survey) Annually, traditional coaching will cost between $12,000 and $20,000 per leader/manager.
Practice in Action! costs $6,000 at a rate of $500 per month. Naturally, at a lower cost you’re wondering if you’ll get fewer benefits compared to other, more expensive business coaching options.
The ROI question is expressed like this: “Will I gain sufficient benefits to justify the fee, my time, and attention?”
For any business coaching option, you must answer this question before making a commitment.
The good news is we provide ample information for you to answer this question for Practice in Action! and we do it with full transparency; just as you would require in conducting due diligence on an investment.